US Stock Market Sees Sharp Drop in Korean Companies Coupang, POSCO, KT Amid 'Emergency Martial Law Shock'

Won-Dollar Exchange Rate Surpasses 1,440 Won

When President Yoon Suk-yeol declared martial law on the 3rd, the won-dollar exchange rate soared to its highest level in two years, and the stock prices of Korean companies listed on the U.S. stock market plummeted.

According to the global foreign exchange market on the 3rd (local time), the won-dollar exchange rate recorded 1,442.45 won at 10:21 a.m., up 2.74% from the previous day. The won-dollar exchange rate surpassing the 1,440 won level is the first time in 2 years and 2 months since October 2022.

CNBC reported, "As President Yoon declared martial law, the value of the Korean won has sharply declined against the U.S. dollar," adding, "The won has hit its lowest level in two years."

The US daily newspaper The New York Times (NYT) is urgently reporting on June 3 (local time) the news of President Yoon Seok-yeol's declaration of martial law.

The stock prices of Korean companies listed on the New York Stock Exchange are also plunging. Coupang is down more than 5%, and POSCO Holdings is falling over 6%. KT and KB Financial are each dropping more than 3% and 5%, respectively.

The MSCI Korea Exchange-listed fund (EWY) ETF, which tracks Korean companies, is trading down more than 5%. The Franklin FTSE Korea ETF is also falling more than 4%.